Tesla rival Rivian asked

The world’s largest IPO of the year brought Rivian a lot of investor interest. The shares of the electric car maker, which is supported by Amazon and Ford, rose to $ 119.46 on their debut, a good 53 percent above the issue price of $ 78. The company had allotted the papers over the range of 72 to 74 dollars and increased the number of shares sold to 153 from 135 million. This brings the issue volume to twelve billion euros, and Rivian’s market value is more than 100 billion dollars. This catapults the company, which has so far hardly made any sales, to second place among the most valuable US automakers and leaves traditional companies such as Ford and General Motors behind. Only Tesla is rated higher. The online retailer Amazon, which holds around 20 percent of Rivian, has already ordered 100,000 delivery vehicles.

Reference-www.sueddeutsche.de

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